展望2026年，该行重申看好公司产品周期和内部经营改善：公司现有5566车型有望通过近期100度电标 配的调整，支持销量回升，该行认为公司2026年销量延续增长动力强。该行认为公司正式启动内部 CBU改革后(Cell Business Unit)，经营和组织效率、车型的市场竞争力持续提升，后续该行也有望看到 费用端效率实现逐步优化。 中金发布研报称，维持蔚来-SW(09866)"跑赢行业"评级，2025/26扣非盈利预测不变，港美股目标价68 港元/8.8美元。与现款相比，第三代ES8车身较现款加长181mm、加宽21mm、加高50mm、轴距增加 60mm。ES8整车售价40.68/44.68万元，BaaS电池租赁方案将购车门槛降至29.88/33.88万元，较预售价下 调1万元，也低于老款价格，性价比优势凸显。 报告中称，公司长期以来持续深耕核心技术。ET9作为公司技术创新能力的集中体现，集成12项前瞻创 新，涵盖自研NX9031芯片、SkyOS操作系统、900V高压平台及线控转向+全主动悬架，体现智能化与 电动化融合实力。截至8月ET9累计销量达2061辆。本次发布的地平线特别版强化豪华属性，采用零阶 差 ...

报告中称，公司长期以来持续深耕核心技术。ET9作为公司技术创新能力的集中体现，集成12项前瞻创 新，涵盖自研NX9031芯片、SkyOS操作系统、900V高压平台及线控转向+全主动悬架，体现智能化与 电动化融合实力。截至8月ET9累计销量达2061辆。本次发布的地平线特别版强化豪华属性，采用零阶 差光滑涂装、23英寸专属轮圈及精细刺绣内饰，进一步提升尊享体验。凭借技术与工艺双重升级，该行 预计其有望持续引领高端纯电的价值重塑。 展望2026年，该行重申看好公司产品周期和内部经营改善：公司现有5566车型有望通过近期100度电标 配的调整，支持销量回升，该行认为公司2026年销量延续增长动力强。该行认为公司正式启动内部 CBU改革后(Cell Business Unit)，经营和组织效率、车型的市场竞争力持续提升，后续该行也有望看到 费用端效率实现逐步优化。 智通财经APP获悉，中金发布研报称，维持蔚来-SW(09866)"跑赢行业"评级，2025/26扣非盈利预测不 变，港美股目标价68港元/8.8美元。与现款相比，第三代ES8车身较现款加长181mm、加宽21mm、加高 50mm、轴距增加60mm。ES8整 ...

消息面上，德意志银行今日在一份研究报告中指出，据其经销商调查显示，ES8目前已收到约10万份可 取消订单(小订订单)。蔚来于8月21日开启第三代ES8的预售，起售价为41.68万元。第三代ES8的最终定 价将在周六的2025蔚来日活动中公布，德银分析师预计，最终价格将在已极具竞争力的预售价格基础上 再减少7000至17000元。(格隆汇) 蔚来(NIO.US)盘前涨近4%，报7.3美元；H股今日大涨11.46%，报56.9港元。 ...

Core Viewpoint - NIO's financial performance is under pressure due to its battery swap model, which has led to significant losses, while the company anticipates a 13% revenue growth in Q2 2025 driven by increased vehicle deliveries and product diversification [1][20]. Revenue Growth - In 2024, NIO's total revenue is projected to reach 65.73 billion yuan, representing an 18.2% year-on-year increase, primarily due to a significant rise in delivery volumes and optimized product structure [1]. - NIO delivered 221,970 vehicles in 2024, marking a 38.7% increase compared to the previous year, which directly contributed to the growth in automotive sales revenue [1]. Product Diversification - NIO continues to expand its product line to cater to diverse consumer needs, covering various market segments from compact SUVs to luxury sedans, with price ranges from 300,000 to 800,000 yuan [4]. - Key models like ES6 and EC6 have gained widespread consumer recognition due to their performance, comfort, and advanced technology, significantly driving revenue growth [5]. Profitability Challenges - NIO is facing ongoing losses, with a projected net loss of 22.4 billion yuan in 2024, an increase of 8.1% year-on-year, equating to over 60 million yuan in daily losses [6]. - High research and development costs reached 13.037 billion yuan in 2024, primarily focused on core areas such as autonomous driving and battery technology, which are expected to enhance product competitiveness but are unlikely to yield short-term profitability [6]. - Selling, general, and administrative expenses rose to 15.74 billion yuan in 2024, a 22.2% increase, driven by significant investments in marketing, brand building, and sales channel expansion [6]. Battery Swap Network Costs - The construction and operation of NIO's battery swap network have incurred substantial costs, with losses from the battery swap business amounting to 3.12 billion yuan in 2024 [9]. - As of the end of 2024, NIO had established over 2,300 battery swap stations, but the average daily service frequency per station was only 32, while breakeven requires 50 services per day [9]. Market Position and Competition - In Q1 2025, NIO maintained a growth trajectory with 42,094 vehicle deliveries, a 40.1% year-on-year increase, although its industry ranking fell to eighth place amid fierce competition [10]. - The NIO brand delivered 27,313 vehicles in Q1 2025, while the newly launched brand, Lido, contributed 14,781 vehicles, indicating a growing market presence [11]. Future Product Launches - NIO's Lido brand flagship SUV, Lido L90, is set to launch in Q2 2025, with pricing starting at 265,800 yuan for the six-seat version [16]. - The Lido L80, expected to launch in Q4 2025, aims to compete in the family vehicle segment, while the third-generation ES8 will also debut in Q4 2025, featuring significant technological upgrades [17].

Core Viewpoint - The video of NIO's founder Li Bin facing criticism from a long-time user highlights the growing dissatisfaction among customers regarding the rapid technological updates and perceived neglect of older models in the electric vehicle industry [1][2]. Group 1: Company Challenges - NIO is experiencing significant customer dissatisfaction due to issues such as lack of updates for older models, delayed features, and declining resale values compared to competitors [1][2]. - The electric vehicle industry is facing a fundamental shift from durable consumer goods to electronic consumer products, leading to a mismatch between traditional users' expectations of asset value retention and the rapid iteration cycles of smart electric vehicles [2][3]. - NIO's high-cost user ecosystem, which initially fostered strong customer loyalty, is becoming unsustainable as the company has accumulated losses exceeding 100 billion yuan from 2018 to 2024 [3]. Group 2: Strategic Adjustments - In response to the challenges, NIO has begun to adjust its brand positioning and product offerings, resulting in a record delivery of 31,305 new vehicles in August, a 55.2% year-on-year increase [3]. - The company has made difficult decisions, such as canceling lifetime benefits for early adopters, to ensure survival amid financial pressures [3][4]. - NIO is exploring solutions like transparent iteration schedules, establishing tiered benefit systems, and hardware upgrade pathways to address customer concerns and maintain brand loyalty [4].

Financial Performance - In Q1 2025, the company reported revenue of approximately 120.3 billion, a year-on-year increase of over 21% [1] - The automotive gross margin was 10.2%, compared to 9.2% in Q1 2024 and 13.1% in Q4 2024 [4] - The total revenue for Q1 2025 was 120.3 billion, with a gross profit of 919.6 million, reflecting a gross margin of 7.6% [3] Delivery and Sales - The company delivered approximately 42,100 new vehicles in Q1 2025, a year-on-year increase of 40.1% [2] - The expected total delivery volume for Q2 2025 is projected to reach between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25.5% to 30.7% [1] Cost Control and Efficiency - The company has implemented a series of cost control measures starting from Q1 2025, including organizational restructuring and cross-brand integration [1] - The CFO stated that the company aims for structural improvement in overall cost efficiency starting from Q2 2025 [1] Future Outlook - The company anticipates achieving positive free cash flow within the year, with significant improvements in operational cash flow expected in Q2 2025 [4] - The founder expressed confidence in achieving profitability by Q4 2025, supported by new product launches and cost reduction efforts [5][6] Product Development - In 2025, the company plans to launch nine new models across its three brands, with six already released [5] - The third-generation ES8 is scheduled for release in Q4 2025, while two additional models from the LeDao brand are expected to launch in Q3 and Q4 2025 [5] Global Expansion - The company has shifted its global market entry strategy to partner with local firms rather than relying solely on direct sales [9] - Currently, the company has established partnerships in 15 markets and plans to continue expanding its global presence [9]

2025年是蔚来产品发布的大年。蔚来计划发布9款车型。据李斌介绍，除乐道L90和乐道L80外，蔚来第三品牌firefly萤火虫的 首款车型将在4月29日开启交付；蔚来品牌的新款ET5、ET5T、ES6、EC6将于今年第二季度上市；第三代ES8将于今年第四季 度发布。 李斌表示，蔚来、乐道、firefly萤火虫三个品牌将覆盖不同市场区间，满足更广泛的用户需求。 每经记者 李星 每经实习编辑 余婷婷 在4月23日开幕的2025上海车展上，蔚来携旗下三大品牌（蔚来、乐道、firefly萤火虫）亮相。其中，乐道旗下第二款车型 ——乐道L90首发亮相。 据悉，定位为智能大空间旗舰SUV的乐道L90，采用了蔚来旗舰车型ET9同款电机，单电机功率为340kW，四驱版本综合功率 为440kW。"乐道L90将于今年第三季度上市交付。"蔚来董事长、CEO李斌表示。 作为承担走量品牌的乐道汽车，首款车型乐道L60上市至今，累计销量超3万辆。"乐道L60虽然销量没达到预期，但卖得并不 差。6个月卖了3万多辆，在SUV市场还是比较能打的。"蔚来联合创始人、总裁秦力洪称，乐道L60的销量相比产品力有点偏 低，接下来会进行提升。 按照规划 ...